coinspress.com
Bitcoin has demonstrated its strength during the ongoing financial crisis that has affected the banking sector. Despite a recent slowdown in gains, most Bitcoin holders are making a profit now.
According to the latest data from cryptocurrency tracking platform IntoTheBlock on March 22, 72% of Bitcoin holders are in the money, while 25% are experiencing a loss, and 3% are at the money.
Of those holding Bitcoin, 69% are considered long-term holders, having held the cryptocurrency for over a year. Meanwhile, 23% have held it for between one and 12 months, and 8% of addresses have held it for less than a month.
Bitcoin has been successful during the financial crisis, having surpassed $28,000 and currently trading at $28,350. This represents a 14.5% increase over the past week.
Additionally, Bitcoin has outperformed commodities, including gold, which is considered the top-performing old-guard commodity, by nearly 10-fold in 2023.
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Bloomberg’s senior commodity analyst Mike McGlone suggests that this indicates Bitcoin has started its ‘super cycle.’
The crypto ‘Fear & Greed’ index reached a 16-month high, indicating strong buying sentiment with a score of 68.
In addition, the world’s largest corporate Bitcoin holder, MicroStrategy, is almost at a breakeven point with its 132,500 BTC, purchased for an average of $30,137.